US$500m financing secured by Gresham House Energy Storage Fund for UK BESS projects

By Molly Lempriere
LinkedIn
Twitter
Reddit
Facebook
Email
One of the fund’s existing UK battery storage projects. Image: Gresham House.

London Stock Exchange-listed energy storage investor Gresham House Energy Storage Fund has secured a £380 million (US$507 million) funding package from major UK retail bank NatWest.

Enabling Gresham House to significantly grow its pipeline of projects, the funding includes plans for seven newly announced utility-scale operational battery energy storage system (BESS) projects, which are expected to be completed in 2022.

NatWest’s funding package will run over a five year period, and is made up of a £150 million capex term loan, a £30 million working capital facility and £200 million uncommitted accordion. The fund, listed on the stock exchange under the ticker ‘GRID,’ will use part of these funds to repay a maturing bond.

 “Introducing a modest amount of cost-effective leverage to the portfolio has been an ambition since IPO and we’re delighted with the successful completion of this transaction, the terms achieved and the quality of the institutions that have taken part,” Ben Guest, GRID fund manager and head of the Gresham House New Energy division said.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“We recently set out ambitious plans to significantly increase the size of our portfolio over the next two years, given the UK’s need to increase battery storage capacity tenfold by the middle of this decade. This facility will provide us with the financial headroom to achieve our growth plans.”

To read the full version of this story, visit Solar Power Portal.

Read Next

September 15, 2025
Hithium will supply battery storage and SMA the power conversion systems for a 500MWh grid-forming project in Australia for Fotowatio Renewable Ventures (FRV).
September 12, 2025
Dutch BESS operator Return has acquired four ready-to-build (RTB) projects in Germany, while agrifood tech and renewables investor N2OFF has added BESS to a solar project it is developing there.
September 11, 2025
Grenergy has secured a senior non-recourse financing agreement worth US$270 million for Phase 6 of its flagship Chilean solar-plus-storage project, Oasis de Atacama.
September 11, 2025
It’s still to early to see the financial impact on energy storage suppliers in the wake of Trump’s tariffs and legislation, writes Solar Media analyst Charlotte Gisbourne, analysing their H1 revenues.
September 10, 2025
Two energy storage topics appeared to come up in conversation more than any other at the first day of RE+: US domestic content and the race for energy density increases.

Most Popular

Email Newsletter